Economy

March Employment Indicators for Nonfarm Payroll

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The employment surprise in context.

Figure 1: NFP (bold blue), Bloomberg consensus of 4/4 (light blue x), household series adjusted to NFP concept (green), Philadelphia Fed early benchmark (pink), aggregate weekly hours index of private production & nonsupervisory workers (tan), all in logs, 2011M11=0. Source: BLS via FRED, Philadelphia Fed, Bloomberg, and author’s calculations.

 

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